INTRODUCTION 9 
Even as late as 1895 the corn belt farmer did not worry 
much over the fact that he was depleting his soil. Since the 
farmer had no surplus and no working capital his farming 
equipment was inadequate. Corn was not considered as being 
worth more than three cultivations. If he wanted more corn 
he planted more acres. During this period of low prices the 
farmer’s outlook was not optimistic. 
Let us take time to contrast this with the last five years 
on the farm. 
During the summer and fall of 1908, with corn at sixty 
cents on the farm, prices of farm crops rose to a new high 
level; and if our memory does not fail us, it has been worth 
at least fifty cents per bushel (sometime during the year) for 
the past five years. At the date of this writing, corn is bring- 
ing sixty-five cents at the country elevators. With hogs and 
cattle at eight cents per pound there is surely a margin of 
profit large enough to give the thorough farmer a working 
capital, and a working capital means better farming. 
INVESTING THE FARMERS’ SURPLUS 
With corn land selling at $150 to $300 per acre, we believe 
that an investment of this surplus in manure spreaders and 
in the growing of leguminous crops to be returned to the 
land will bring greater returns in dollars and cents than 
the use of this money or credit for the purchase of more 
acres. There are indications on every hand that farmers 
as a class are beginning to appreciate this fact and to realize 
that it does not pay to practice crop rotations that do not 
include the turning under of at least one leguminous crop 
every five years. 
Another good use to which this surplus may be put is the 
improvement of equipment by acquiring more horses and 
better implements with which to do more thorough farming. 
What is more pathetic on the farm than to see one man trying 
